EX-10.1



 Exhibit 10.1 

Execution Copy 
 AMENDED
AND RESTATED ADVISORY AGREEMENT 
 This amended and restated advisory agreement (the “Agreement”), is effective as of
November 1, 2015 among Morgan Stanley Smith Barney TT II, LLC, (formerly known as Morgan Stanley Managed Futures Transtrend II, LLC), a Delaware limited liability company (the “Trading Company”), Ceres Managed Futures LLC (formerly
known as Demeter Management LLC), a Delaware limited liability company (the “Trading Manager”), and Transtrend B.V., a Dutch limited liability company (the “Trading Advisor”). 

W I T N E S S E T H : 

WHEREAS, the Trading Company has been organized pursuant to a Certificate of Formation filed with Secretary of State of the State of
Delaware on March 26, 2007 (the “Certificate of Formation”) and an operating agreement (the “Operating Agreement”) to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread,
or otherwise acquire, hold, or dispose of (i) futures, options, options on futures, swaps, swaps on futures, forward contracts, and other derivative, margined instruments, on foreign exchange (“FX”), interest rates, interest rate
instruments, commodities, equity related indices and instruments, other indices, and other economic variables, and (ii) spot FX, in the case of either (i) or (ii) traded on exchanges, other trading venues and/or over-the-counter
(“OTC”) markets (hereinafter referred to collectively as “futures interests;”) provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission
(“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all
activities incident thereto; 
 WHEREAS, the Trading Company is a commodity pool operated by the Trading Manager in which other
commodity pool investment vehicles sponsored and/or managed by the Trading Manager and/or its Affiliates will invest (each such investment vehicle, a “Member,” and collectively, the “Members”); 

WHEREAS, the Trading Company and the Trading Manager each desired the Trading Advisor to act as a trading advisor for the Trading
Company and to make investment decisions with respect to futures interests for the Trading Company thus resulting in the Trading Company, the Trading Manager and the Trading Advisor having entered into an advisory agreement effective April 1,
2007 (the “Former Agreement”) which has been subject to various amendments, the most recent of which is dated December 3, 2014; and 







 WHEREAS, the Trading Company, the Trading Manager and the Trading Advisor wish to enter
into this Agreement, among other things, in order to incorporate all amendments to the Former Agreement. 
 NOW, THEREFORE,
the parties hereto hereby agree as follows: 
  

	 	1.	Undertakings in Connection with the Continuing Offering of Units. 

 (a) The Trading
Advisor agrees with respect to the continuing offering of interests (“Units”) in the Members: (i) to make all disclosures regarding itself and the Trading Advisor Principals (as defined in Section 9(a)(iv), below), its trading performance,
its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Confidential Information (as defined in Section 1(c) hereof) concerning such systems, methods and
strategies), any client accounts over which it has discretionary trading authority (other than the names of or identifying information with respect to any such clients), and otherwise, as the Members may reasonably require (x) in connection with any
Member’s offering materials (collectively, the “Offering Memoranda”) as required by Rule 4.21 of the regulations under the Commodity Exchange Act (the “CEAct”), including in connection with any amendments or supplements
thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”) or any other regulatory or self-regulatory body, exchange, or board with jurisdiction
over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with the Trading Company, the Trading Manager and the Members by providing information regarding the Trading Advisor in
connection with the preparation of the Offering Memoranda, including any amendments or supplements thereto, as part of making application for registration of the Units under the securities or blue sky laws of any jurisdictions, including foreign
jurisdictions, as the Members may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Confidential Information concerning its clients, systems
methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “Affiliate” of a person shall mean an
individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such person. 

  
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 (b) If, while Units continue to be offered and sold, the Trading Advisor becomes aware of any
materially untrue or misleading statement or omission regarding itself or any of the Trading Advisor Principals or Affiliates in the Disclosure Document (as defined in Section 18 hereof), or of the occurrence of any event or change in
circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of the Trading Advisor Principals or Affiliates, the Trading Advisor shall promptly notify
the Trading Manager and shall cooperate with the Trading Manager in the preparation of any necessary amendments or supplements to the Offering Memoranda. Neither the Trading Advisor nor any of the Trading Advisor Principals or any stockholders,
officers, directors, or employees shall distribute the Offering Memoranda or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically requested by the
Trading Manager and agreed to by the Trading Advisor. 
 (c) For purposes of this Agreement, and notwithstanding any of the provisions
hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing
and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading and risk models, techniques and procedures, past, current or future trading or position data, price and research software
and databases, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral
information, furnished by the Trading Advisor to the Trading Company, the Trading Manager, the Members and/or their respective officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial
advisors) or controlling persons (such officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons of the Trading Company, the Trading Manager and the
Members each are hereinafter referred to as a “Recipient”), whether furnished before or after the date of this Agreement, and regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other
documents or records which are prepared by the Trading Company, the Trading Manager, a Member or a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential
shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information”). Notwithstanding the foregoing, information which (i) is or becomes generally available to the
public other than as a result of acts by the 

  
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Trading Manager, the Trading Company, a Member or a Recipient in violation of this Agreement, (ii) is in the possession of the Trading Manager, the Trading Company, a Member or a Recipient
prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Trading Manager, the Trading Company, a Member or a Recipient from a source that is not bound by a confidentiality agreement with regard to such
information or by any other legal or fiduciary obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Trading Manager, the Trading Company, a Member or a Recipient without use of the
Confidential Information described in this Section 1(c), shall not be considered Confidential Information. 
 (d) The Trading Company
and the Trading Manager each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants,
and financial advisors) will protect and preserve the Confidential Information and shall disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Trading Manager’s
officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any
part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Trading Manager
or a Recipient, as the case may be, or if required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Trading Manager each warrants and agrees that it and
any Member and Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Trading Manager’s obligations under this Agreement and not in a manner which violates the terms of this
Agreement. For avoidance of doubt, the Trading Company and the Trading Manager each further represents and warrants to, and agrees with the Trading Advisor, that it and any Member and any Recipient shall not in any manner or respect, directly or
indirectly, (A) use any of such Confidential Information in trading for their own accounts, any accounts of their Affiliates or any third party accounts, (B) sell, license or assign any of such Confidential Information, (C) use such
Confidential Information to reverse engineer, attempt to reverse engineer or otherwise seek to replicate the Trading Advisor’s trading in any manner or (D) otherwise use such Confidential Information for their personal gain in any other
manner. 
 (e) The provisions of Sections 1(c) and 1(d) shall survive the termination of this Agreement. 

  
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	 	2.	Duties of the Trading Advisor. 

 (a) The Trading Advisor hereby agrees to act as the
trading advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of the Trading Company’s assets, which shall consist of the Trading Company’s Net Assets (as
defined in Section 5(c) hereof) plus “notional” funds, if any, as specified in writing by the Trading Manager and consented to by the Trading Advisor (collectively, the “Assets”), on the terms and conditions and in
accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Trading Manager (the “Trading Policies”);
provided, however, that the Trading Manager may override the instructions of the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund
any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Trading Manager believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures
interests trading of the Trading Company by the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Trading Manager agrees not to override any such instructions for the reasons specified in clauses (ii) or
(iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Trading Manager to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor
shall not be liable for the consequences of any decision by the Trading Manager to override instructions of the Trading Advisor, except, subject to Section 7(a), to the extent that such consequences result from a material breach of this
Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Trading Manager’s decision to override an instruction. 
  

	 	(b)	The Trading Advisor shall: 

 (i) Exercise good faith and due care in trading
futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and
additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts that are similar in size to the account of the Trading Company and traded pursuant to the Trading
Program (as defined in Section 2(f)); 

  
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 (ii) Subject to assurances of confidentiality, provide the Trading Manager,
within 45 days of the end of a calendar quarter, and within 45 days of a separate request which the Trading Manager may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of
all other client accounts directed by the Trading Advisor using the Trading Program used by the Trading Advisor on behalf of the Trading Company (“Other Accounts”) over a specified period of time for the purpose of confirming that the
Trading Company has been treated equitably on an overall basis compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s
clients’ identities. The Trading Advisor shall, upon the Trading Manager’s request, consult with the Trading Manager concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The
Trading Advisor shall promptly inform the Trading Manager in writing of any material discrepancies of which the Trading Advisor is aware. The Trading Manager acknowledges that, among others, the following differences in accounts may cause divergent
trading results: different trading strategies, methods or degrees of leverage, different trading policies, differing account sizes, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence
trading at different times and accounts which have different portfolios or different fiscal years. The provisions of this Section 2(b)(ii) shall not apply to, and shall in no manner restrict, the Trading Advisor’s management of any
accounts it currently manages or may hereafter manage for current and/or former principals and/or Affiliates of the Trading Advisor under any circumstances; 

(iii) Subject to assurances of confidentiality, as provided for herein, inform the Trading Manager when the Trading
Advisor’s open positions maintained by the Trading Advisor exceed applicable speculative position limits; and 
 (iv)
Upon request of the Trading Manager, subject to assurances of confidentiality, as provided for herein, promptly provide the Trading Manager with all material information concerning the Trading Advisor reasonably requested by the Trading Manager
(including, without limitation, information relating to changes in control, key personnel or trading approach). Nothing contained in this Agreement shall require the Trading Advisor to disclose the details of its trading systems, programs or
strategies. 

  
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 (c) All purchases and sales of futures interests pursuant to this Agreement shall be for the
account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its Affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who
controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company. The Trading Advisor makes no representations as to whether such
trading will produce profits or avoid losses. 
 (d) Subject to Section 7(a) hereof, the Trading Advisor shall assume financial
responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account including payment to the Commodity Brokers (as described in Section 4 hereof) of
the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The
Trading Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers. However, the Trading Advisor shall not be responsible for errors committed or caused
by the Commodity Brokers or by floor brokers or other futures commission merchants. The Trading Advisor shall have an affirmative obligation to promptly notify the Trading Manager upon discovery of its own errors with respect to the account, and the
Trading Advisor shall use its best efforts to identify and promptly notify the Trading Manager of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such
other commodity broker utilized to execute orders for the Trading Company. 
 (e) (intentionally left blank) 

(f) In performing services to the Trading Company, the Trading Advisor shall utilize its Enhanced Risk (USD) profile of its Diversified Trend
Program (the “Trading Program”), as described in the Disclosure Document, and as modified from time to time. The Trading Advisor shall give the Trading Manager prior written notice of any change in the Trading Program that the Trading
Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Trading Manager’s consent which consent shall be deemed to be given if the Trading Manager has not objected to this change within 5
days following the Trading Advisor’s having provided the Trading Manager with prior written notice of such change), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit B. Changes in the
futures interests traded, provided that such futures interests are listed on Exhibit B, shall not be deemed a modification of the Trading Program. 

  
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	 	3.	Trading Advisor as an Independent Contractor. 

 For all purposes of this Agreement, the
Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company or its Members in any way or otherwise be deemed an
agent of the Trading Company or its Members. Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to the Operating Agreement or the Certificate of Formation of the Trading Company as from time to time
in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor, the Trading Manager, the Trading Company or the Members, as members
of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the
Trading Advisor is neither a promoter, sponsor, or issuer with respect to the Trading Company or its Members, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units. 

 

	 	4.	Commodity Broker; Foreign Exchange (“FX”) Prime Broker. 

 (a) The Trading
Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account maintained with such commodity broker or brokers as the Trading Manager shall direct and appoint from time to time
with the prior written consent of the Trading Advisor, which consent shall not be unreasonably withheld. Both Morgan Stanley & Co. LLC (“MS & Co.”), Morgan Stanley & Co. International Limited (“MSIL”),
and Morgan Stanley Capital Group Inc. (“MSCG” and collectively, the “Commodity Brokers”) may act as the clearing commodity brokers for the Trading Company, and MS & Co. and its Affiliates may act as FX forward contract
counterparty for the Trading Company. MSCG and its Affiliates may act as an options on FX forward contract counterparty for the Trading Company. The Trading Manager shall provide the Trading Advisor with copies of brokerage statements. 

(b) Notwithstanding the foregoing, the Trading Advisor may execute trades through floor brokers other than those employed by MS & Co.
and its Affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers ̧ give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “Executing


  
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Brokers”) to “give-up” or transfer the positions to MS & Co. in conformity with the Trading Policies set forth in Exhibit A attached hereto. The Trading Manager will
review and approve or disapprove all Executing Brokers proposed by the Trading Advisor for the Trading Company’s account, such approval not to be unreasonably withheld or delayed. If an Executing Broker is approved, the Trading Company will not
hold the Trading Advisor liable for any error or breach of contract by any such Executing Broker subject to the standard of liability set forth in Section 7(a). In addition, the Trading Advisor may execute trades directly on an exchange or
other trading venue, and the Trading Advisor may use any execution method, including but not limited to automated order routing, order or trade bunching, exchange-for-physical (“EFP”), exchange-for-swap (“EFS”), block trading and
pre-execution communication, to the extent permitted by and subject to applicable laws, rules and regulations including, without limitation, the rules of the Chicago Mercantile Exchange and the Intercontinental Exchange. Irrespective of whether
Executing Brokers unaffiliated with MS& Co. receive the Trading Manager’s consent to execute trades on behalf of the Trading Company, all such trades will be “given-up” to be carried by MS & Co. The Trading Advisor shall
have full authority, acting as the Trading Company’s agent, (i) to negotiate, enter into, execute and deliver, any agreement, instrument or authorization relating to order execution, trading, trade affirmation, automated order routing,
breakage resolution, compensation and rebate and bonus programs and (ii) to enter into, execute and deliver any agreement, instrument or authorization relating to trade give-up, EFP and the associated initial and offsetting spot FX or forward
transactions, EFS and the associated initial and offsetting swap transactions, in the case of either (i) or (ii) on behalf of the Trading Company, or in the Trading Advisor’s own name but for the account, benefit and risk of the
Trading Company. The Trading Advisor shall have the full authority to make the necessary representations and warranties set forth in such agreements and to negotiate the applicable commissions, if any, on such terms as the Trading Advisor, in its
reasonable discretion, and acting on behalf of the Trading Company, deems necessary or appropriate. The Trading Company, the Trading Manager and the Trading Advisor agree that all orders and transactions entered into pursuant to any such agreement,
instrument and authorization are being entered into by the Trading Advisor as the Trading Company’s agent for the account, benefit and risk of the Trading Company, notwithstanding the fact that such agreement, instrument or authorization, or
the corresponding orders and transaction may have been entered into by the Trading Advisor in its own name. The Trading Company agrees to assume all liabilities associated with the orders and transactions entered into pursuant to this Agreement and
agrees, subject to the standard of liability set forth in Section 7(a) of this Agreement, that the Trading Advisor shall have no liability for such orders and transactions. 

  
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 (c) Any “FX prime brokerage” arrangements which the Trading Advisor may wish to
establish for the Trading Company is hereby approved by the Trading Manager but is subject to approval by MS & Co. The Trading Manager hereby so approves Deutsche Bank AG, London Branch, as FX prime broker to effectuate the give-up of OTC
FX transactions to MS & Co.. or such other clearing broker appointed by the Trading Company from time to time for the account, benefit and risk of the Trading Company, and the applicable prime brokerage commissions to be negotiated by the
Trading Advisor. The Trading Company, the Trading Manager and the Trading Advisor agree that all OTC FX transactions entered into pursuant to this Agreement are being entered into by the Trading Advisor as the Trading Company’s agent for the
account, benefit and risk of the Trading Company, notwithstanding that such OTC FX transactions are first being entered into by the Trading Advisor, being treated as principal by the FX prime broker and MS & Co.. The Trading Company agrees
to assume all liabilities associated with the OTC FX transactions and the Trading Company and the Trading Manager agree, subject to the standard of liability set forth in Section 7(a) of this Agreement, that the Trading Advisor shall have no
liability for such OTC FX transactions. 
  

	 	5.	Fees. 

 (a) For the services to be rendered to the Trading Company by the Trading Advisor
under this Agreement: 
 (i) The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12th of 1%
(a 1% annual rate) of the Assets as of the first day of each month (the “Management Fee”). The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this
Agreement, “Business Day” shall mean any day which the securities markets are open in the United States; and 

(ii) The Trading Company shall pay the Trading Advisor an incentive fee equal to 20% of the “New Trading Profit” (as
defined in Section 5(d) hereof) in each capital account of the Members in the Trading Company (the “Capital Account”) that shall accrue monthly, effective January 1, 2016, but is not payable until the end of each calendar half
year (the “Incentive Fee”). The Incentive Fee is payable within 30 Business Days of the end of the calendar half year for which it was calculated. 

  
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 (b) If this Agreement is terminated on a date other than the last day of a calendar half year,
the Incentive Fee shall be determined as if such date were the end of a calendar half year. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end
of a month, but such fee shall be prorated based on the ratio of the number of calendar days in the month through the date of termination to the total number of calendar days in the month. If, during any month after the Trading Company has commenced
trading operations (including the month in which the Trading Company commenced such operations), the Trading Company does not conduct business operations, or suspends trading for the account of the Trading Company managed by the Trading Advisor, or,
as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the calendar days of that month for any reason, the Management Fee shall be prorated based on
the ratio of the number of calendar days in the month which the Trading Company account managed by the Trading Advisor engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of calendar days in the
month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month. 

(c) The term “Net Assets” shall mean the total assets of the Trading Company (including, but not limited to, all cash and cash
equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interests positions and other assets of the Trading Company) less all liabilities of the Trading Company
determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract
traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Company on the day with respect to which the Net Assets are being determined;
provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first
subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on
the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign exchange or market
shall mean its market value as determined by the Trading Manager on a basis consistently applied for each different variety of contract. 

  
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 (d) The term “New Trading Profit” shall mean net futures interests trading profits
(realized and unrealized) on the Assets in each Capital Account, decreased by such Capital Account’s pro-rata share of (i) the Trading Advisor’s monthly management fees and (ii) the Trading Company’s brokerage commissions,
transaction costs and administrative fees. Such trading profits and items of decrease shall be determined for each Capital Account from the end of the last calendar half year in which an Incentive Fee was earned by the Trading Advisor or, if no
Incentive Fee has been earned previously by the Trading Advisor with respect to a Capital Account, from the date that the Trading Advisor commenced managing the Assets in the Capital Account to the end of the calendar half year as of which such
Incentive Fee calculation is being made. Extraordinary expenses do not reduce New Trading Profit. Interest income is not included in New Trading Profit. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so
that the Trading Advisor does not have to earn back Incentive Fees. Accrued Incentive Fees shall be paid to the Trading Advisor on any New Trading Profits earned on those Assets withdrawn from a Capital Account due to redemptions at the end of any
month when such withdrawal of Assets is made as if such month-end is the end of the calendar half year. 
 (e) If any payment of Incentive
Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor for a Capital Account and the Trading Advisor thereafter fails to earn New Trading Profit for such Capital Account or experiences losses for any
subsequent incentive period the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor with
respect to a Capital Account until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets of a Capital Account are reduced because of redemptions that occur at the end of, and/or subsequent to, a
calendar half year in which the Trading Advisor experiences a futures interests trading loss for such Capital Account, the trading loss that must be recovered by such Capital Account before the Trading Advisor will be deemed to experience New
Trading Profit for such Capital Account in a subsequent calendar half year will be equal to the amount determined by (x) dividing the Assets of such Capital Account after such decrease by the Assets in such Capital Account immediately before
such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interests trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss for a Capital Account in more than one
calendar half year without the Trading Company paying an intervening Incentive Fee with 

  
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respect to such Capital Account and the Assets for a Capital Account are reduced in more than one such calendar half year because of redemptions, then the trading loss for each such calendar half
year shall be adjusted in accordance with the formula described above and such reduced amount of futures interests trading loss shall be carried forward and used to offset subsequent futures interests trading profits. 

 

	 	6.	Term 

 (a) This Agreement shall continue in effect for a period of one year from the date
the Agreement was entered into unless otherwise terminated as set forth in this Section 6. The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading
Company at least sixty days prior to the expiration of such one-year period. If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-year period and shall
continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall automatically terminate if the Trading Company is dissolved. 

(b) The Trading Company and Trading Manager each shall have the right to terminate this Agreement in its discretion (i) at any month end
upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any two persons described as a
“principal” of the Trading Advisor in the Offering Memoranda (other than Robeco Nederland B.V.) cease for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or
insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company and such inability can not be cured within five days;
(D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in
Section 11 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interests trading systems or methods, or its
goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor materially violates any Trading Policy or administrative policy, except with the prior express written consent of the Trading Manager or if the consequences of such
material violation can not be cured within five days; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement. 

  
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 (c) The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior
written notice to the Trading Company and Trading Manager, in the event: (A) that the Trading Manager imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does
not consent to, such consent not to be unreasonably withheld; (B) the Trading Manager objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Trading Manager in
writing that it believes such change is in the best interests of the Trading Company; (C) the Trading Manager overrides a trading instruction of the Trading Advisor for reasons unrelated to a determination by the Trading Manager that the
Trading Advisor has violated the Trading Policies and the Trading Advisor certifies to the Trading Manager in writing that as a result, the Trading Advisor believes the performance results of the Trading Advisor relating to the Trading
Company’s account will be materially adversely affected; (D) the Trading Manager or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from
the Trading Advisor; (E) the Assets fall below $3,000,000 (after adding back trading losses) at any time; (F) the Trading Company or the Trading Manager becomes bankrupt or insolvent; (G) the registration of the Trading Manager with
the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect; or (H) the Trading Company or the Trading Manager appoints a clearing broker other than
a Morgan Stanley Affiliate without the prior consent of the Trading Advisor, such consent to be deemed effective no later than five days following the Trading Company’s or the Trading Manager’s having provided the Trading Advisor with
prior written notice of its intention to appoint such other clearing broker. If the Trading Manager or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading
Advisor may terminate this Agreement upon prior written notice to the Trading Manager and Trading Company. 
 (d) Except as otherwise
provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination. 

(e) The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement. 

  
 14 









	 	7.	Standard of Liability; Indemnifications. 

 (a) Limitation of Trading Advisor
Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Trading Manager or their partners, directors, officers,
principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions of the Trading Advisor that constitute a material breach of this Agreement or
a representation, warranty or covenant herein, misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best
interests of the Trading Company. 
 (b) Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall
indemnify, defend and hold harmless the Trading Company and the Trading Manager, their controlling persons, their Affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons
from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any
litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor and Trading Manager shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating
to this Agreement (except as covered by paragraph (d) below); provided that such liability arises from an act or omission of the Trading Advisor, or any of its directors, officers, managers or employees which is found by a court of competent
jurisdiction upon entry of final judgment (or if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Manager and Trading Advisor, such approval not to be unreasonably withheld) to be an act or omission of
the Trading Advisor which constituted a material breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence or as a result of the Trading Advisor having not acted in good faith and in the reasonable belief
that such actions or omissions were in, or not opposed to, the best interest of the Trading Company. 
 (c) Trading Company and Trading
Manager Indemnity in Respect of Management Activities. The Trading Company and the Trading Manager shall, jointly and severally, indemnify, defend, and hold harmless the Trading Advisor, its controlling persons, their Affiliates and their
respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable
investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a 


  
 15 








 
settlement, the Trading Company, the Trading Manager and Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action, or proceeding relating to this
Agreement (except as covered by paragraph (e) below) and, for avoidance of doubt, in particular the fact the Trading Advisor is or was a trading advisor to the Trading Company; unless such liability arises from an act or omission of the Trading
Advisor, or any of its directors, officers, managers or employees which is found by a court of competent jurisdiction upon entry of final judgment (or if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading
Manager and Trading Advisor, such approval not to be unreasonably withheld) to be an act or omission of the Trading Advisor which constituted a material breach of this Agreement or a representation, warranty or covenant herein, misconduct or
negligence or as a result of the Trading Advisor having not acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interest of the Trading Company. 

(d) Trading Advisor Indemnity in Respect of Sale of Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading
Company, the Trading Manager, any selling agent which is affiliated with the Trading Manager, their controlling persons and their Affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and
controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other
expenses incurred in connection with, and any amounts paid in, any litigation or other (administrative) proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement), in
respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a material breach by the Trading Advisor of any applicable laws
or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any Trading Advisor Principals, or their operations, trading
systems, methods or performance, that was made in the Offering Memoranda or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein. 

(e) Trading Company and Trading Manager Indemnity in Respect of Sale of Units. The Trading Company and the Trading Manager, jointly and
severally, shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their Affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and
against any and all losses, claims, damages, liabilities, costs, and 

  
 16 








 
expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and
any amounts paid in, any litigation or other (administrative) proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company or the Trading Manager shall have approved such settlement), in respect of the offer
or sale of Units, unless such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arises out of, or is based upon (i) a material breach by the Trading Advisor of any applicable laws or regulations or any
representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any Trading Advisor Principals or their operations, trading systems, methods or
performance that was made in the Offering Memoranda or any amendment or supplement thereto or in any other sales literature and furnished by the Trading Advisor for inclusion therein. 

(f) Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or
restrict, any other remedies which may be available to an indemnified person. 
 (g) Promptly after receipt by an indemnified person of
notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made
against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such
omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above,
the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified
person. After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the
indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation. 

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder,
an indemnified person reasonably 

  
 17 








 
determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that
are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the
indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding. 

In no event will the indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection
with any one action, claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations. The indemnifying party will not be liable for any
settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying
party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7. 
  

	 	8.	Right to Advise Others and Uniformity of Acts and Practices. 

 (a) The Trading Advisor is
engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and Affiliates, will be advising other clients (including Affiliates and the
stockholders, officers, directors, and employees of the Trading Advisor and its Affiliates and their families) and trading for their own accounts. The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy
that seeks to ensure that, giving due consideration to the Trading Program which the Trading Advisor will utilize in trading the Trading Company’s Assets, all clients are treated equitably on an overall basis and positions allocated as nearly
as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Trading Manager may request a copy of the Trading Advisor’s procedures regarding the equitable
treatment of trades across Other Accounts. Such procedures shall be provided to the Trading Manager within 30 days of such request by the Trading Manager. Under no circumstances shall the Trading Advisor by any act or omission knowingly or
intentionally favor on an overall basis any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner. The Trading Company and the Trading Manager agree that nothing contained in this
Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, 

  
 18 








 
the Trading Advisor or any of its principals or Affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems,
methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading
Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of
the Trading Company on an overall basis. The Trading Manager and the Trading Company acknowledge and agree that provisions of this Section 8(a) shall not apply to, and shall in no manner restrict, the Trading Advisor’s management of any
accounts it currently manages or may hereafter manage for current and/or former principals and/or Affiliates of the Trading Advisor under any circumstances. 

(b) The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading
Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of the Trading Advisor Principals shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor
or the Trading Advisor Principals to be in violation of the CEAct or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or
board; and (ii) neither the Trading Advisor nor any of the Trading Advisor Principals shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in
futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for
the account of the Trading Company; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the
Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and the
Trading Advisor Principals shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the
accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits. 

  
 19 









	 	9.	Representations, Warranties, and Covenants of the Trading Advisor. 

 (a)
Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to the Trading Manager and the Trading Company as follows: 

(i) It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as described
in the Disclosure Document (as modified from time to time) or any other trading programs agreed to by the Trading Manager and the Trading Advisor; 

(ii) The Trading Advisor shall follow and comply with, at all times, the Trading Policies; 

(iii) The Trading Advisor shall trade the Assets pursuant to the Trading Program as described in the Disclosure Document and as
modified from time to time unless the Trading Manager and the Trading Advisor agree otherwise; 
 (iv) The Trading Advisor is
duly organized and validly existing under the laws of the jurisdiction of its organization and is qualified to do business as a foreign corporation or limited liability company and is in good standing in each other jurisdiction in which the nature
or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to
perform its obligations under this Agreement. The principals of the Trading Advisor are those set forth in the Offering Memoranda and Disclosure Document (the “Trading Advisor Principals”); Trading Advisor Principals does not include
Robeco Nederland B.V.; 
 (v) The Disclosure Document contains all statements and information required to be included therein
under the CEAct and other applicable laws, and such information is accurate and complete in all material respects; 
 (vi)
All references to the Trading Advisor and the Trading Advisor Principals and trading systems, methods and performance furnished by the Trading Advisor to the Trading Manager for inclusion in the Offering Memoranda are accurate and complete in all
material respects. With respect to the Trading Advisor, the Trading Advisor Principals, and its trading systems, methods and performance: (i) the information requested by the Trading Manager and furnished by the Trading


  
 20 








 
Advisor to the Trading Manager for inclusion in the Offering Memoranda contains all statements and information required to be included therein under the CEAct and the rules and regulations
thereunder, and (ii) the information requested by the Trading Manager and furnished by the Trading Advisor to the Trading Manager for inclusion in the Offering Memoranda does not contain, and will not contain during the term of this Agreement,
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which such statements were made, not misleading. Except as otherwise disclosed in
the Offering Memoranda, the actual performance of each discretionary account directed by the Trading Advisor over the past five years and year-to-date is disclosed in the Offering Memoranda on a composite basis. The information regarding the actual
performance of such accounts set forth in the Offering Memoranda has been calculated and presented in accordance with the descriptions therein and is complete and accurate in all material respects; provided, that, the Trading Manager, not the
Trading Advisor, has determined the extent of the information regarding the Trading Advisor, the Trading Advisor Principals and trading systems, methods and performance information, set forth in the Offering Memoranda and takes responsibility for
such determination; 
 (vii) This Agreement has been duly and validly authorized, executed and delivered on behalf of the
Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms; 

(viii) Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental,
regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and to act as described in the Offering Memoranda or
required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEAct and is a member of the NFA in such capacity; 

(ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the
transactions contemplated herein and in the Offering Memoranda and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of
the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having
jurisdiction over it; 

  
 21 








 (x) Since the respective dates as of which information is given in the Disclosure
Document, and except as may otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor; 

(xi) Except as set forth in the Disclosure Document there have not been in the five years preceding the date of the Disclosure
Document and there is not pending, or to the best of the Trading Advisor’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor is or was a party, or to which any
of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the
Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or
any of the Trading Advisor Principals with the CEAct or any other applicable laws; 
 (xii) Neither the Trading Advisor nor
any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company; 

(xiii) Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute the Offering Memoranda or any
selling literature or engage in any selling activities whatsoever in connection with the offering of the Units; 
 (xiv) The
information as provided by the Trading Advisor for inclusion in the Offering Memoranda about the Trading Advisor does not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be stated therein
to make the statements not misleading; and 
 (xv) The foregoing representations and warranties shall be continuing during
the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Trading Manager and the Trading Company of the nature
of such event. 

  
 22 








 (b) Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that: 

(i) The Trading Advisor shall (i) maintain all registrations and memberships necessary for the Trading Advisor to continue
to act as described herein and (ii) at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply (1) would have a materially adverse effect on the Trading Advisor’s
ability to act as described herein or (2) would result in the Trading Company or Trading Manager becoming the subject of an investigation, claim or proceeding by any governmental, regulatory or self-regulatory authority having jurisdiction over
the Trading Company or Trading Manager; 
 (ii) The Trading Advisor shall inform the Trading Manager promptly as soon as the
Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which
may, with the passage of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Trading Manager promptly if the Trading Advisor or any of its officers becomes aware of any material breach of this
Agreement by the Trading Advisor; and 
 (iii) The Trading Advisor agrees to reasonably cooperate by providing information
regarding itself and its performance in the preparation of any amendments or supplements to the Offering Memoranda (subject to the limitation set forth in Section 1 hereof). 

 

	 	10.	Representations and Warranties of the Trading Company and the Trading Manager; Covenants of the Trading Manager and the Trading Company. 


(a) The Trading Company and the Trading Manager represent and warrant to the Trading Advisor, as follows: 

(i) The Trading Company has provided to the Trading Advisor the Offering Memoranda in the form first issued. The Trading
Company will ensure that the Members will not utilize any amendment or supplement to the Offering 

  
 23 








 
Memoranda unless the Trading Advisor has received reasonable prior notice of and a copy of such amendments or supplements and has approved any description of the Trading Advisor and the Trading
Program contained therein; 
 (ii) Each Members’ organizational agreement provides for the subscription for and sale of
the Units in the respective Member; all material actions required to be taken by each Member as a condition to the sale of its Units to qualified subscribers therefor has been, or prior to each closing described in the Member’s Confidential
Private Placement Memorandum shall have been taken; and, upon payment of the consideration therefor specified in each accepted subscription agreement in such form as attached to the respective Member’s Confidential Private Placement Memorandum,
the Units will constitute valid interests in the Member. Each Member is in material compliance with all laws, rules, regulations and orders of any governmental agency or self-regulatory organization applicable to the Member’s business and the
offering, sale, issuance and distribution of its Units; 
 (iii) The Trading Company is a limited liability company duly
formed pursuant to its Certificate of Formation, Operating Agreement and the Delaware Limited Liability Company Act and is validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the
trading of futures interests and to engage in its other contemplated activities as described in the Offering Memoranda; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such
qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder; 

(iv) The Trading Manager is duly organized and validly existing and in good standing as a limited liability company under the
laws of the State of Delaware and is qualified to do business and is in good standing as a foreign entity in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could
materially adversely affect the Trading Manager’s ability to perform its obligations hereunder; 
 (v) The Trading
Company and the Trading Manager have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Offering Memoranda; 

  
 24 








 (vi) As of the date hereof, the Offering Memoranda contain all statements and
information required to be included therein by the CEAct or other applicable law and at all times subsequent thereto up to and including each closing, the Offering Memoranda will comply in all material respects with the requirements of the rules of
the NFA, the CEAct or other applicable laws. The Offering Memoranda as of the initial closing (as described therein), date of issue, and at each closing will not contain any misleading or untrue statements of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading. Any supplemental sales literature, when read in conjunction with the Offering Memoranda, will not contain any untrue statements of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading. This representation and warranty shall not, however, apply to any statement or
omission in the Offering Memoranda or supplemental sales literature made in reliance upon and in conformity with information furnished by and relating to the Trading Advisor, its trading methods or its trading performance; 

(vii) Since the respective dates as of which information is given in the Offering Memoranda, there has not been any material
adverse change in the condition, financial or otherwise, business or prospects of the Trading Manager or the Trading Company, whether or not arising in the ordinary course of business; 

(viii) This Agreement has been duly and validly authorized, executed and delivered by the Trading Manager on behalf of the
Trading Company and the Trading Manager and constitutes a valid, binding and enforceable agreement of the Trading Company and the Trading Manager in accordance with its terms; 

(ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of
the transactions contemplated herein and in the Offering Memoranda will not violate, or constitute a breach of, or default under, the Trading Manager’s certificate of formation or bylaws, or the Trading Company’s Certificate of Formation
or Operating Agreement, or any material agreement or instrument by which either the Trading Manager or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Trading Manager or the Trading
Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Trading Manager or the Trading Company; 

  
 25 








 (x) Except as set forth in the Offering Memoranda, there has not been in the five
years preceding the date of the Offering Memoranda and there is not pending or, to the Trading Manager’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or
other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Trading Manager, any Trading Manager Principal (as hereinafter defined) or the Trading Company is or was a party, or to which any of the
assets of the Trading Manager or the Trading Company is or was subject; and neither the Trading Manager nor any of the principals, as defined in CFTC Reg. 4.10 under the CEAct of the Trading Manager (“Trading Manager Principals”) has
received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization, whether U.S. or foreign, regarding non-compliance by the Trading Manager or the Trading Manager Principals or the Trading Company
with the CEAct, the Securities Act of 1933, as amended, or any other applicable laws which are material to an investor’s decision to invest in a Member; 

(xi) The Trading Manager and the Trading Manager Principals have all federal, state and foreign governmental, regulatory and
exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business and to act as described in the Offering Memoranda or required to perform their
obligations under this Agreement (including, without limitation, registration as a commodity pool operator under the CEAct and membership in the NFA as a commodity pool operator) and will maintain all such required approvals, licenses, filings and
registrations for the term of this Agreement. The Trading Manager’s principals identified in the Offering Memoranda are all of the Trading Manager Principals; 

(xii) The Trading Company is and shall remain in compliance in all respects with all laws, rules, regulations and orders of any
government, governmental agency or self-regulatory organization applicable to its business as described in the Offering Memoranda and this Agreement; 

(xiii) The assets of the Trading Company do not and shall not constitute “plan assets” for the purpose of the U.S.
Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended; and 

  
 26 








 (xiv) The foregoing representations and warranties shall be continuing during the
term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Manager shall promptly notify the Trading Advisor of the nature of such event. 

(b) Covenants of the Trading Manager and the Trading Company. The Trading Manager and the Trading Company covenants and agrees that:

 (i) The Trading Manager and the Trading Company shall maintain all registrations and memberships necessary for the Trading
Manager and the Trading Company to continue to act as described herein and in the Offering Memoranda and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a
materially adverse effect on the Trading Manager and the Trading Company’s ability to act as described herein and in the Offering Memoranda; 

(ii) The Trading Manager and the Trading Company shall inform the Trading Advisor immediately as soon as the Trading Manager,
the Trading Company or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting
the business of the Trading Manager or the Trading Company. The Trading Manager and the Trading Company shall also inform the Trading Advisor immediately if the Trading Manager or the Trading Company or any of their officers become aware of any
material breach of this Agreement by the Trading Manager or the Trading Company; and 
 (iii) The Trading Company and the
Trading Manager will furnish to the Trading Advisor copies of the Offering Memoranda, and all amendments and supplements thereto, in each case as soon as available and will ensure that the Members do not use any such amendments or supplements as to
which the Trading Advisor in writing has reasonably objected. 
  

	 	11.	Merger or Transfer of Assets. 

 The Trading Manager, Trading Company or the Trading
Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its 

  
 27 








 
assets, to any entity upon written notice to the other parties. With regard to the Trading Advisor in case such aforementioned event occurs, the Trading Manager and the Trading Company
acknowledge and agree that the Trading Advisor will notify them about such event simultaneously with notifying the other clients of the Trading Advisor. 
  

	 	12.	Complete Agreement. 

 This Agreement including the Exhibits hereto constitutes the entire
agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought. 

 

	 	13.	Assignment. 

 Subject to Section 11, hereof, this Agreement may not be assigned,
transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto. 
  

	 	14.	Amendment. 

 This Agreement may not be amended except by the written consent of the
parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions. 

 

	 	15.	Severability. 

 The invalidity or unenforceability of any provision of this Agreement or
any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable. 

 

	 	16.	Closing Certificates. 

 (a) The Trading Advisor shall, at the Members’ initial
closing and at the request of the Trading Manager at any monthly closing (as described in the Offering Memoranda), provide the following: 

(i) To the Trading Manager, the Trading Company and the Members, a certificate, dated the date of any such closing and in form
and substance satisfactory to such parties, to the effect that; 

  
 28 








 (A) the representations and warranties by the Trading Advisor in this Agreement
are true, accurate, and complete on and as of the date of the closing, as if made on the date of the closing; and 
 (B) the
Trading Advisor has performed all of its obligations and satisfied all of the conditions on its part to be performed or satisfied under this Agreement, at or prior to the date of such closing. 

(ii) To the Trading Manager, the Trading Company and the Members, a report as of the closing date which shall present, for the
period from the date after the last day covered by the historical performance records in the Offering Memoranda to the latest practicable day before closing, figures which shall be a continuation of such historical performance records and which
shall certify that such figures are, to the best of such Trading Advisor’s knowledge, accurate in all material respects. 
 (b) The
Trading Manager shall, at the Members’ initial closing and at the request of the Trading Advisor at any closing (as described in the Offering Memoranda), provide the following: 

(i) To the Trading Advisor, a certificate, dated the date of such closing and in form and substance satisfactory to the Trading
Advisor, to the effect that: 
 (A) the representations and warranties by the Trading Company and the Trading Manager in
this Agreement are true, accurate, and complete on and as of the date of the closing as if made on the date of the closing; 

(B) no order preventing or suspending the use of the Offering Memoranda has been issued by the CFTC, the Securities Exchange
Commission, any state securities commission, or the NFA or other self-regulatory organization and no proceedings for that purpose shall have been instituted or are pending or, to the knowledge of the Trading Manager, are contemplated or threatened
under the CEAct; and 

  
 29 








 (C) The Trading Company and the Trading Manager have performed all of their
obligations and satisfied all of the conditions on their part to be performed or satisfied under this Agreement at or prior to the date of the closing. 
  

	 	17.	Inconsistent Filings. 

 If the Trading Advisor intends to file, to participate in the
filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the Trading Manager of
such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication. 
  

	 	18.	Disclosure Documents. 

 (a) During the term of this Agreement, the Trading Advisor shall
furnish to the Trading Manager promptly copies of all disclosure documents filed in final form with the NFA by the Trading Advisor. The Trading Manager and Trading Company each acknowledge receipt of the Trading Advisor’s disclosure document
dated December 22, 2014 (the “Disclosure Document”). 
 (b) The Trading Manager and the Trading Company will not distribute
or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has received reasonable prior notice of and a copy of such promotional material and has approved such material in writing. 

19. Track Record. The track record and other performance information of the Members shall be the property of the Trading Manager and
not the Trading Advisor; provided, however, that the Trading Advisor may report of the past performance of the Trading Company either on a stand alone basis or as part of a composite performance table as may be required by the CEAct, the rules of
the CFTC and/or the rules or regulations of any relevant regulatory or self-regulatory body. 
  

	 	20.	Use of Name. 

 (a) The Trading Advisor hereby consents to the non-exclusive use by the
Trading Company of (a) the name “Transtrend” as part of the name of the Trading Company as stated above and (b) the name “Transtrend” in any documentation regarding the Trading


  
 30 








 
Company, only so long as the Trading Advisor serves as a trading advisor to the Trading Company. For so long as the name of the Trading Company includes “Transtrend,” any change of the
name of the Trading Company shall only be made with prior written consent of the Trading Advisor, which consent shall not be unreasonably withheld. Each of the Trading Company and the Trading Manager agree to indemnify and hold harmless the Trading
Advisor, its shareholders, partners, directors, officers, affiliates, employees and agents from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys’ fees and
disbursements, which may arise out of the Trading Company’s or the Trading Manager’s misuse of the name “Transtrend” or out of any breach of, or failure to comply with, this Section 20. 

(b) Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary
action to cause the Offering Memoranda and organizational documents of the Trading Company to be amended in order to eliminate any reference to “Transtrend” (except to the extent required by law, regulation or rule); and (ii) shall
cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “Transtrend” or any name, mark or logo type derived from it or similar to it (except to the extent required by
law, regulation or rule). 
  

	 	21.	Notices. 

 All notices required to be delivered under this Agreement shall be in writing
and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on
the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 

if to the Trading Company: 

Morgan Stanley Smith Barney TT II, LLC 

c/o Ceres Managed Futures LLC 

522 Fifth Avenue 
 New York, NY
10022 
 United States of America 

Attn: Patrick Egan 
 Facsimile:
212-296-6808 
 Email: Patrick.Egan@morganstanley.com 
  

  
 31 








 if to the Trading Manager: 

Ceres Managed Futures LLC 

522 Fifth Avenue 
 New York, NY
10022 
 United States of America 

Attn: Patrick Egan 
 Facsimile:
212-296-6808 
 Email: Patrick.Egan@morganstanley.com 

With a copy to: 

Alston & Bird LLP 
 90
Park Avenue 
 New York, NY 10016 

United States of America 
 Attn:
Timothy P. Selby, Esq. 
 Facsimile: (212) 210-9444 

Email: timothy.selby@alston.com 

if to the Trading Advisor: 

TRANSTREND B.V. 
 P.O. Box
444, 3000 AK Rotterdam 
 The Netherlands 

Attn: Managing Directors 

Facsimile: +31-10-4532750 
 Email:
notices@transtrend.com 
  

	 	22.	Continuing Nature of Representations Warranties and Covenants: Survival. 

 All
representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall 

  
 32 








 
survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees that as of the date of this Agreement it is, and during
its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not true, the affected party
will use its best efforts to promptly notify the other parties of such fact. 
  

	 	23.	Third-Party Beneficiaries. 

 Each of the Members shall be a third-party beneficiary of
the applicable provisions of this Agreement. The respective directors, officers, principals, managers, members, shareholders, employees and controlling persons of the Trading Advisor, the Trading Company, and the Trading Manager, and their
Affiliates shall be third party beneficiaries of the applicable provisions of Section 7 of this Agreement. 
  

	 	24.	Governing Law. 

 This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York. If any action or proceeding shall be brought by a party to this Agreement or to enforce any right or remedy under this Agreement, each party hereto hereby consents and will submit to the jurisdiction of the
courts of the State of New York or any Federal court sitting in the County, City and State of New York. Any action or proceeding brought by any party to this Agreement to enforce any right, assert any claim or obtain any relief whatsoever in
connection with this Agreement shall be brought by such party exclusively in the courts of the State of New York or any federal court sitting in the County, City and State of New York. 

 

	 	25.	Remedies. 

 In any action or proceeding arising out of any of the provisions of this
Agreement, the Trading Advisor, Trading Manager and Trading Company each agree not to seek any prejudgment equitable or ancillary relief. The Trading Advisor, Trading Manager and Trading Company each agree that its sole remedy in any such action or
proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that any of the parties may seek a declaratory judgment with respect to the indemnification provisions of this Agreement. 

  
 33 









	 	26.	Headings. 

 Headings to sections herein are for the convenience of the parties only and
are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
  

	 	27.	Successors. 

 This Agreement including the representations, warranties and covenants
contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement. 

 

	 	28.	Counterparts. 

 This Agreement may be executed in counterparts, each of which when so
executed and delivered shall be deemed an original but all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered either in hard copy originals or in scanned copies which in either case shall
constitute a valid agreement among the parties. 
  

	 	29.	Waiver of Breach. 

 The waiver by any party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter
deprive such party of the right to insist upon strict adherence. 

  
 34 








 IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of
the day and year first above written. 
  

			
	 MORGAN STANLEY SMITH BARNEY TT II, LLC

By Ceres Managed Futures LLC,
 Trading Manager

		
	         By
	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
		 	President and Chairman of the Board
		 	Date: December 15, 2015


 
			
	
	CERES MANAGED FUTURES LLC 
		
	By	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
		 	President and Chairman of the Board
		 	Date: December 15, 2015
	
	TRANSTREND B.V. 
		
	By	 	 /s/ J.P.A van den Broek

	Name:	 	J.P.A van den Broek
	Title:	 	Managing Director
	Date:	 	17 December 2015
		
	By	 	 /s/ A.P. Honig

	Name:	 	A.P. Honig
	Title:	 	Executive Director
	Date:	 	17 December 2015



  
 35 








 EXHIBIT A 

Morgan Stanley Managed Futures 
 MSC Fund Operations Procedures

 Following is a list of abbreviations used in this Exhibit A: 
  

	 	•	 	“Administrator” is SS&C Technologies, a corporation incorporated under the laws of the State of Delaware, currently doing business as SS&C GlobeOp. 


 

	 	•	 	“Fund(s)” refers to Morgan Stanley Managed Futures Funds that utilize MS&Co as a clearing commodity broker. 

  

	 	•	 	“Futures” is used to identify exchange traded futures, or forward contracts, and options on the same, that are cleared through a clearing house. 


 

	 	•	 	“FX” is used to identify non-exchange traded forward currency contracts, and options on the same, which are settled directly between the principals of the trades. 


 

	 	•	 	“MSC” is MS&Co. (the Clearing Commodity Broker or FX Counterparty, as appropriate). 

  

	 	•	 	“MS&Co” is Morgan Stanley & Co. LLC. a subsidiary of Morgan Stanley (the Clearing Commodity Broker or FX (Non-Options) Counterparty as appropriate). 


 

	 	•	 	“Trading Manager” shall mean Ceres Managed Futures LLC. 

 FUND ACCOUNTS: 

Account Configuration 
  

	 	•	 	Futures and Futures Options Trading - For each CTA trading program two Fund trading accounts will be assigned. A MS&Co segregated account, prefix 052. A MS&Co secured account, prefix 05A.


  

	 	•	 	FX (Non-Options) Trading - One Fund account for each CTA trading program will be assigned at MS&Co, prefix 058. The CTA would need to request additional FX accounts and receive approval from the Trading
Manager. 

 Statements 
  

	 	•	 	Futures – The CTA should contact MSC Futures Ops regarding access to Fund futures account statements. 

  

	 	•	 	FX – The CTA should contact MSC FX Ops regarding access to Fund FX account statements. 


  
 A-1 








 FX TRADING: 

FX Order Execution 
  

	 	•	 	FX trading of the Funds must be executed through the MSC FX Desk, unless the Trading Manager otherwise agrees in a form acceptable to the Trading Manager. The CTA should contact the MSC FX Desk for information on trade
execution procedures. 

 EFP Order Execution 
  

	 	•	 	The CTA may utilize the MSC FX Desk to execute EFP transactions. The futures leg of an EFP will be subject to the futures brokerage fee. The CTA should contact the MSC FX Desk for information on EFP trade execution
procedures. 

 Foreign Currency Conversions 
  

	 	•	 	The CTA is responsible for conversion into US dollars of all Fund foreign currency balances created as a result of futures and/or FX trading. The CTA, at its own discretion, should place conversion orders directly to
the MSC FX Desk or with MSC Futures Ops. 

 FUTURES TRADING: 

Order Execution Service 
  

	 	•	 	The MSC Futures Desk can provide the CTA with order execution facilities. The CTA should contact MSC Futures for information on trade execution procedures. 


“Give Up” Order Execution 
  

	 	•	 	The CTA shall ensure that a “give-up” execution agreement is in place prior to the execution of any trade through a floor broker in accordance with this Agreement or as otherwise provided in writing to the CTA
by the Trading Manager. 

  

	 	•	 	On exchanges allowing “give up” execution, the CTA may have orders executed away from MSC and give up trades to MSC for clearing. The CTA should contact Futures Ops for information on trade “give up”
procedures. The CTA should ensure that Executing Brokers give trades up on a timely basis. The CTA should ensure that Executing Brokers make timely payment on price adjustments, when applicable. For futures trades at exchanges where give-up
execution is not allowed, the CTA must use the execution facilities provided by the Clearing Commodity Broker. 

 “Give Up”
Agreements 
  

	 	•	 	The CTA may authorize payment of an execution service fee (“Give-Up Fee”) only to the Executing Broker that directly gives up the futures trade to the Clearing Commodity Broker for such clearance.


  

	 	•	 	The trader version FIA/FOA uniform “give up” agreement is the acceptable form for futures “give ups”. The LME trader version FIA/FOA uniform “give up” agreement is the acceptable form for
futures “give ups” on the LME. The trader version FIA/FOA EFP agreement is the acceptable form for EFP “give ups”. 


  
 A-2 








 “Give Up” Execution Payment 

 

	 	•	 	Give-Up Fee Bills will be processed by MSC Futures Ops. 

  

	 	•	 	The CTA shall provide that information which may reasonably be requested by the Trading Manager to verify the Give-Up Fees processed by MSC Futures Ops. 


ACCOUNT MAINTENANCE: 
 Trade Allocations

  

	 	•	 	The CTA is responsible for determining the trade allocation procedure for Fund trading accounts, in accordance with CFTC regulations. The CTA should ensure that procedures were followed correctly, and that trades are
booked accordingly in Fund accounts. 

 Trade Reporting; (Futures) 

 

	 	•	 	The CTA is responsible for reporting all trades to MSC Futures Ops on a timely basis to facilitate clearing and reduce operational risk. The CTA should contact MSC Futures Ops and/or the Administrator for additional
information. 

 Daily Trade Checkout 
  

	 	•	 	The CTA is responsible for daily, end of trading day, checkout of all trades (including currency conversion trades) with MSC Futures and FX Ops. The CTA should contact MSC Futures and FX Ops to determine specific
checkout procedures. 

 Daily Statement Reconciliation 
  

	 	•	 	The CTA is responsible for daily statement trade activity and position balancing with MSC Futures and FX Ops and the Administrator. The CTA should contact MSC Futures and FX Ops and the Administrator to determine
specific balancing procedures. 

 Monitoring of Delivery Periods and Option Expirations 

 

	 	•	 	The CTA is responsible for monitoring delivery periods (first notice dates and last trade dates), position limits, option expirations (option expiration and last trade dates), and forward settlement and/or maturity
dates. 

  

	 	•	 	The CTA should take appropriate actions to ensure that futures contracts do not result in delivery. 

  

	 	•	 	The CTA should ensure that their intentions regarding any open option positions, at the time of expiration, have been communicated appropriately to the MSC Futures Ops areas. Contact MSC Futures Ops for specific
communication procedures. 

 Margin Maintenance and Cash Transaction (Journal) Reconciliation 

 

	 	•	 	The Trading Manager, in conjunction with the Administrator, is responsible for balancing of all journal entries in all Fund accounts and for ensuring the requisite corrective action is taken for each reconciling item.



  
 A-3 









	 	•	 	The Trading Manager is responsible for maintaining equity (and/or collateral) in amounts sufficient to meet Fund margin requirements in the MSC Futures accounts. 


TRADING LEVEL NOTIFICATION: 
  

	 	•	 	For new trading allocations, the Trading Manager will provide notification to the CTA of trading authorization and the trading commencement date, along with notification of the initial trading level. 


 

	 	•	 	Thereafter, notification of estimated monthly net additions/withdrawals will be distributed by the Trading Manager. On the second to last business day of each month a preliminary estimate will be provided. On the first
business day of each month a final estimate will be given. Any material adjustment (1% of account equity) from the final estimate to the actual will be provided. Notification will be made via fax or email and the CTA will be asked to acknowledge
receipt via fax or email. Questions regarding this procedure can be directed to the Trading Manager. 

  

	 	•	 	Subsequent to a Fund’s monthly closing, actual additions and withdrawals will be processed via journal entry in the Fund’s MSC Futures account. 


 

	 	•	 	Any other trading level/asset allocation changes will be communicated in writing from the Trading Manager. 


FUND ACCOUNTING: 
 Net Asset Value Calculation

  

	 	•	 	The Administrator is responsible for determination of daily NAV estimates for the Funds. 

  

	 	•	 	The Administrator will determine the actual month end NAV of a Fund during the monthly closing process. 

  

	 	•	 	The Trading Manager supervises and oversees the activities of the NAV Calculation as determined by the Administrator. 


Brokerage Commission and Transaction Fees 
  

	 	•	 	Brokerage commissions for each Fund will be charged in a manner consistent with the prospectus or offering memorandum. The CTA should contact the Trading Manager for additional information. 


Fund Fee Processing 
  

	 	•	 	Fund interest and all Fund fees, exclusive of brokerage commissions and transaction fees, will be processed in the Fund’s MSC Futures account. 


 

	 	•	 	The Administrator, under the supervision of the Trading Manager, will determine fees due to the CTA during the monthly closing process and notify the CTA of the fees via support schedules as prepared by the
Administrator. The CTA should provide contact information regarding fees to the Administrator and the Trading Advisor. 


  
 A-4 









	 	•	 	The Trading Manager will initiate payment of fees to the CTA via wire transfer. The CTA should provide wire instructions to the Trading Manager. 


ERROR POLICY: 
  

	 	•	 	Subject to Section 7(a) of this Agreement, the provisions of Section 2(d) of this Agreement shall be interpreted to mean that the benefit of profitable trading errors made by the CTA when trading on behalf of
the Funds shall be awarded to the Funds, whereas the detriment of unprofitable trading errors made by the CTA when trading on behalf of the Funds must be borne by the CTA. 


BORROWING: 
 The CTA shall not use borrowed money
to leverage any trades, unless otherwise approved by the Trading Manager. 

  
 A-5 








 EXHIBIT B 

FUTURES INTERESTS TRADED 
  

							
	Exchange	 	Sector	 	Contract name	  	Bloomberg ticker
	Australian Securities Exchange	 	Equity Related	 	SPI 200	  	XP INDEX
	Australian Securities Exchange	 	Interest Rates	 	ASX 30-DAY INTERBANK CASH RATE	  	IB COMDTY
	Australian Securities Exchange	 	Interest Rates	 	AUSSIE 10-YR T-BOND	  	XM COMDTY
	Australian Securities Exchange	 	Interest Rates	 	AUSSIE 3-YR T-BOND	  	YM COMDTY
	Australian Securities Exchange	 	Interest Rates	 	AUSSIE BANK BILL	  	IR COMDTY
	Australian Securities Exchange	 	Interest Rates	 	NZ BANK BILL	  	ZB COMDTY
	Borsa Istanbul	 	Currencies	 	USD / TURKISH LIRA (TURKDEX)	  	A1 CURNCY
	Borsa Istanbul	 	Equity Related	 	BIST NATIONAL 30 INDEX	  	A5 INDEX
	Borsa Italiana	 	Equity Related	 	FTSE MIB	  	ST INDEX
	Borsa Italiana	 	Equity Related	 	MINI FTSE MIB	  	SW INDEX
	Bursa Malaysia	 	Commodities	 	CRUDE PALM OIL	  	KO COMDTY
	Bursa Malaysia	 	Equity Related	 	FTSE BURSA MALAYSIA KLCI	  	IK INDEX
	Chicago Board of Trade	 	Commodities	 	BLOOMBERG COMMODITY INDEX	  	DN INDEX
	Chicago Board of Trade	 	Commodities	 	CHICAGO SOFT RED WINTER WHEAT	  	W COMDTY
	Chicago Board of Trade	 	Commodities	 	CORN	  	C COMDTY
	Chicago Board of Trade	 	Commodities	 	ETHANOL (CBOT)	  	DL COMDTY
	Chicago Board of Trade	 	Commodities	 	OATS	  	O COMDTY
	Chicago Board of Trade	 	Commodities	 	ROUGH RICE	  	RR COMDTY
	Chicago Board of Trade	 	Commodities	 	SOYBEAN MEAL	  	SM COMDTY
	Chicago Board of Trade	 	Commodities	 	SOYBEAN OIL	  	BO COMDTY
	Chicago Board of Trade	 	Commodities	 	SOYBEANS	  	S COMDTY
	Chicago Board of Trade	 	Equity Related	 	MINI DOW JONES INDEX	  	DM INDEX
	Chicago Board of Trade	 	Interest Rates	 	30-DAY FEDERAL FUNDS	  	FF COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 10-YR INTEREST RATE SWAP	  	CNP COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 10-YR T-NOTE	  	TY COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 2-YR T-NOTE	  	TU COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 30-YR INTEREST RATE SWAP	  	CBP COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 30-YR T-BOND	  	US COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 5-YR INTEREST RATE SWAP	  	CFP COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 5-YR T-NOTE	  	FV COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US ULTRA T-BOND	  	WN COMDTY
	Chicago Board Options Exchange	 	Equity Related	 	S&P 500 VOLATILITY INDEX	  	UX INDEX
	Chicago Mercantile Exchange	 	Commodities	 	CASH SETTLED CHEESE	  	CHE COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	CLASS III - MILK	  	DA COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	FEEDER CATTLE	  	FC COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	LEAN HOGS	  	LH COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	LIVE CATTLE	  	LC COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	LUMBER	  	LB COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	S&P GOLDMAN SACHS COMM. INDEX	  	GI INDEX
	Chicago Mercantile Exchange	 	Currencies	 	AUSSIE / CANADIAN (IMM)	  	AC CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	AUSSIE / KIWI (IMM)	  	AN CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	AUSSIE / YEN (IMM)	  	AJ CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	AUSTRALIAN DOLLAR / USD	  	AD CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	BRAZILIAN REAL / USD (IMM)	  	BR CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	BRITISH POUND / USD	  	BP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CANADIAN DOLLAR / USD	  	CD CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CANADIAN DOLLAR / YEN (IMM)	  	CY CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CHINESE RENMINBI / EURO	  	DP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CHINESE RENMINBI / USD (IMM)	  	DO CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CZECH KORUNA / EURO (IMM)	  	EX CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CZECH KORUNA / USD (IMM)	  	CC CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / AUSSIE (IMM)	  	EA CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / CANADIAN DOLLAR	  	CA CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / NORWEGIAN KRONE (IMM)	  	EN CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / STERLING (IMM)	  	RP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / SWEDISH KRONA (IMM)	  	EW CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / SWISS FRANC (IMM)	  	RF CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / TURKISH LIRA (IMM)	  	TRR CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / USD	  	EC CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / YEN (IMM)	  	RY CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	HUNGARIAN FORINT / EURO (IMM)	  	EL CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	HUNGARIAN FORINT / USD (IMM)	  	HE CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	ISRAELI SHEKEL / USD (IMM)	  	IS CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	JAPANESE YEN / USD	  	JY CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	KOREAN WON / USD (IMM)	  	KO CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	MEXICAN PESO / USD	  	PE CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	NEW ZEALAND DOLLAR / USD	  	NV CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	NORWEGIAN KRONE / USD (IMM)	  	NO CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	POLISH ZLOTY / EURO (IMM)	  	EI CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	POLISH ZLOTY / USD (IMM)	  	PP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	RUSSIAN RUBLE / USD (IMM)	  	RU CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	SOUTH AFRICAN RAND / USD (IMM)	  	RA CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	STERLING / SWISS (IMM)	  	PS CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	STERLING / YEN (IMM)	  	PJ CURNCY


  
 B-1 









							
	Exchange	  	Sector	  	Contract name	  	Bloomberg ticker
	Chicago Mercantile Exchange	  	Currencies	  	SWEDISH KRONA / USD (IMM)	  	SE CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	SWISS / YEN (IMM)	  	SJ CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	SWISS FRANC / USD	  	SF CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	USD / CHILEAN PESO	  	CHL CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	USD / TURKISH LIRA (IMM)	  	TUR CURNCY
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI NASDAQ 100	  	NQ INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 400 MIDCAP	  	FA INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500	  	ES INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 CONSUM. DISCR.	  	IXY INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 CONSUM. STAPLES	  	IXR INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 ENERGY	  	IXP INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 FINANCIAL	  	IXA INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 HEALTH CARE	  	IXC INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 INDUSTRIAL	  	IXI INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 MATERIALS	  	IXD INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 TECHNOLOGY	  	IXT INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 UTILITIES	  	IXS INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P SMALLCAP 600	  	GN INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	NIKKEI 225 ($-DENOMINATED)	  	NX INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	NIKKEI 225 (Y-DENOMINATED)	  	NH INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	S&P 500	  	SP INDEX
	Chicago Mercantile Exchange	  	Interest Rates	  	1-MONTH LIBOR	  	EM COMDTY
	Chicago Mercantile Exchange	  	Interest Rates	  	EURODOLLAR	  	ED COMDTY
	Commodity Exchange	  	Commodities	  	GOLD	  	GC COMDTY
	Commodity Exchange	  	Commodities	  	HIGH GRADE COPPER	  	HG COMDTY
	Commodity Exchange	  	Commodities	  	SILVER	  	SI COMDTY
	Dubai Mercantile Exchange	  	Commodities	  	OMAN CRUDE OIL	  	OQA COMDTY
	ERIS Exchange	  	Interest Rates	  	US 10-YR SWAP FUTURE (ERIS)	  	LIY COMDTY
	ERIS Exchange	  	Interest Rates	  	US 30-YR SWAP FUTURE (ERIS)	  	LIE COMDTY
	ERIS Exchange	  	Interest Rates	  	US 5-YR SWAP FUTURE (ERIS)	  	LIW COMDTY
	Eurex	  	Commodities	  	EUROPEAN PROCESSING POTATOES	  	FEP COMDTY
	Eurex	  	Equity Related	  	DAX 30	  	GX INDEX
	Eurex	  	Equity Related	  	EURO STOXX 50	  	VG INDEX
	Eurex	  	Equity Related	  	EURO STOXX SELECT DIVIDEND	  	SDI INDEX
	Eurex	  	Equity Related	  	MIDCAP DAX	  	MF INDEX
	Eurex	  	Equity Related	  	SMI MID	  	S1 INDEX
	Eurex	  	Equity Related	  	STOXX 50	  	VH INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE 600	  	SXO INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE LARGE 200	  	SXP INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE MID 200	  	SXR INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE SMALL 200	  	SXT INDEX
	Eurex	  	Equity Related	  	STOXX600 BANKS	  	BJ INDEX
	Eurex	  	Equity Related	  	STOXX600 INDUSTRIAL GOODS	  	QB INDEX
	Eurex	  	Equity Related	  	STOXX600 INSURANCE	  	JV INDEX
	Eurex	  	Equity Related	  	STOXX600 MEDIA	  	OM INDEX
	Eurex	  	Equity Related	  	STOXX600 TRAVEL & LEISURE	  	QO INDEX
	Eurex	  	Equity Related	  	STOXX600 UTILITIES	  	GP INDEX
	Eurex	  	Equity Related	  	TECDAX	  	DP INDEX
	Eurex	  	Equity Related	  	VSTOXX INDEX (VOLATILITY)	  	FVS INDEX
	Eurex	  	Interest Rates	  	EURO-BOBL	  	OE COMDTY
	Eurex	  	Interest Rates	  	EURO-BUND	  	RX COMDTY
	Eurex	  	Interest Rates	  	EURO-BUXL	  	UB COMDTY
	Eurex	  	Interest Rates	  	EURO-SCHATZ	  	DU COMDTY
	Eurex	  	Interest Rates	  	FRENCH EURO-OAT LONG-TERM	  	OAT COMDTY
	Eurex	  	Interest Rates	  	FRENCH EURO-OAT MID-TERM	  	BTA COMDTY
	Eurex	  	Interest Rates	  	ITALIAN EURO-BTP LONG-TERM	  	IK COMDTY
	Eurex	  	Interest Rates	  	ITALIAN EURO-BTP SHORT-TERM	  	BTS COMDTY
	Eurex	  	Interest Rates	  	SWISS CONF. BOND	  	FB COMDTY
	Euronext (Amsterdam)	  	Equity Related	  	AEX INDEX	  	EO INDEX
	Euronext (Brussel)	  	Equity Related	  	BEL 20	  	BE INDEX
	Euronext (Paris)	  	Commodities	  	EUROPEAN RAPESEED	  	IJ COMDTY
	Euronext (Paris)	  	Commodities	  	MAIZE	  	EP COMDTY
	Euronext (Paris)	  	Commodities	  	MILLING WHEAT NO.2	  	CA COMDTY
	Euronext (Paris)	  	Equity Related	  	CAC 40	  	CF INDEX
	European Energy Exchange	  	Commodities	  	ITALIAN BASELOAD QUARTERLY	  	TQT COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX BASELOAD MONTHLY	  	GI COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX BASELOAD QUARTERLY	  	GT COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX BASELOAD YEARLY	  	HP COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX PEAKLOAD QUARTERLY	  	HI COMDTY
	Hong Kong Exchanges	  	Equity Related	  	HANG SENG	  	HI INDEX
	Hong Kong Exchanges	  	Equity Related	  	HANG SENG CHINA ENTERPRISES	  	HC INDEX
	Hong Kong Exchanges	  	Equity Related	  	MINI HANG SENG	  	HU INDEX
	Hong Kong Exchanges	  	Equity Related	  	MINI HANG SENG CHINA ENTERPR.	  	MHC INDEX
	ICE (LIFFE)	  	Commodities	  	COCOA (LONDON)	  	QC COMDTY


  
 B-2 









							
	Exchange	  	Sector	  	Contract name	  	Bloomberg ticker
	ICE (LIFFE)	  	Commodities	  	ROBUSTA COFFEE	  	DF COMDTY
	ICE (LIFFE)	  	Commodities	  	WHEAT (LONDON)	  	QK COMDTY
	ICE (LIFFE)	  	Commodities	  	WHITE SUGAR NO.5	  	QW COMDTY
	ICE (LIFFE)	  	Equity Related	  	FTSE 100	  	Z INDEX
	ICE (LIFFE)	  	Equity Related	  	FTSE 250 (SMALL)	  	YBY INDEX
	ICE (LIFFE)	  	Interest Rates	  	EURIBOR	  	ER COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EURO 10-YR SWAPNOTE	  	P COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EURO 2-YR SWAPNOTE	  	RW COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EURO 5-YR SWAPNOTE	  	T COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EUROSWISS	  	ES COMDTY
	ICE (LIFFE)	  	Interest Rates	  	LONG GILT	  	G COMDTY
	ICE (LIFFE)	  	Interest Rates	  	MEDIUM GILT	  	WX COMDTY
	ICE (LIFFE)	  	Interest Rates	  	SHORT GILT	  	WB COMDTY
	ICE (LIFFE)	  	Interest Rates	  	SHORT STERLING	  	L COMDTY
	ICE Futures US	  	Commodities	  	ARABICA COFFEE	  	KC COMDTY
	ICE Futures US	  	Commodities	  	COCOA	  	CC COMDTY
	ICE Futures US	  	Commodities	  	COTTON NO. 2	  	CT COMDTY
	ICE Futures US	  	Commodities	  	ORANGE JUICE	  	JO COMDTY
	ICE Futures US	  	Commodities	  	SUGAR NO. 11	  	SB COMDTY
	ICE Futures US	  	Currencies	  	AUSSIE / KIWI (FINEX)	  	AR CURNCY
	ICE Futures US	  	Currencies	  	AUSSIE / YEN (FINEX)	  	YA CURNCY
	ICE Futures US	  	Currencies	  	AUSTRALIAN DOLLAR/USD (FINEX)	  	KAA CURNCY
	ICE Futures US	  	Currencies	  	EURO / AUSSIE (FINEX)	  	KRA CURNCY
	ICE Futures US	  	Currencies	  	EURO / CZECH KORUNA (FINEX)	  	EZ CURNCY
	ICE Futures US	  	Currencies	  	EURO / HUNGAR. FORINT (FINEX)	  	HR CURNCY
	ICE Futures US	  	Currencies	  	EURO / NORWEGIAN KRONE (FINEX)	  	KOL CURNCY
	ICE Futures US	  	Currencies	  	EURO / STERLING (FINEX)	  	KGB CURNCY
	ICE Futures US	  	Currencies	  	EURO / SWEDISH KRONA (FINEX)	  	KRP CURNCY
	ICE Futures US	  	Currencies	  	EURO / SWISS FRANC (FINEX)	  	KRW CURNCY
	ICE Futures US	  	Currencies	  	EURO / YEN (FINEX)	  	KEL CURNCY
	ICE Futures US	  	Currencies	  	ISRAELI SHEKEL / USD	  	ISL CURNCY
	ICE Futures US	  	Currencies	  	KIWI / YEN (FINEX)	  	ZQ CURNCY
	ICE Futures US	  	Currencies	  	NORWEGIAN / SWEDISH (FINEX)	  	NJ CURNCY
	ICE Futures US	  	Currencies	  	POLISH ZLOTY / EURO	  	PLE CURNCY
	ICE Futures US	  	Currencies	  	POLISH ZLOTY / USD	  	PNL CURNCY
	ICE Futures US	  	Currencies	  	STERLING / NORWEGIAN (FINEX)	  	ZK CURNCY
	ICE Futures US	  	Currencies	  	STERLING / SWISS (FINEX)	  	YF CURNCY
	ICE Futures US	  	Currencies	  	STERLING / YEN (FINEX)	  	YK CURNCY
	ICE Futures US	  	Currencies	  	SWISS / YEN (FINEX)	  	KZY CURNCY
	ICE Futures US	  	Currencies	  	TURKISH LIRA / EURO	  	RET CURNCY
	ICE Futures US	  	Currencies	  	TURKISH LIRA / USD	  	TMR CURNCY
	ICE Futures US	  	Currencies	  	US DOLLAR INDEX	  	DX CURNCY
	ICE Futures US	  	Currencies	  	USD / CZECH KORUNA (FINEX)	  	VCA CURNCY
	ICE Futures US	  	Currencies	  	USD / HUNGARIAN FORINT (FINEX)	  	VUA CURNCY
	ICE Futures US	  	Currencies	  	USD / NORWEGIAN KRONE (FINEX)	  	KNT CURNCY
	ICE Futures US	  	Currencies	  	USD / RAND (FINEX)	  	ZO CURNCY
	ICE Futures US	  	Currencies	  	USD / SWEDISH KRONA (FINEX)	  	KXA CURNCY
	ICE Futures US	  	Equity Related	  	MINI MSCI EAFE MARKETS INDEX	  	MFS INDEX
	ICE Futures US	  	Equity Related	  	MINI MSCI EM. MARKETS INDEX	  	MES INDEX
	ICE Futures US	  	Equity Related	  	MINI RUSSELL 1000	  	RM INDEX
	ICE Futures US	  	Equity Related	  	MINI RUSSELL 2000	  	RTA INDEX
	ICE Futures US	  	Equity Related	  	MSCI PAN-EURO MINI INDEX	  	MPP INDEX
	ICE Futures US	  	Equity Related	  	RUSSELL 1000 GROWTH INDEX	  	RGA INDEX
	ICE Futures US	  	Equity Related	  	RUSSELL 1000 VALUE INDEX	  	RVB INDEX
	Inter Continental Exchange (Canada)	  	Commodities	  	CANOLA	  	RS COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	BRENT CRUDE OIL	  	CO COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	CARBON EMISSION	  	MO COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	CERTIFIED EMISSION REDUCTION	  	CAR COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 2 (ROTTERDAM) MONTH	  	XA COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 2 (ROTTERDAM) QUARTER	  	XE COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 2 (ROTTERDAM) YEAR	  	TM COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 4 (RICH. BAY) MONTH	  	XO COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 4 (RICH. BAY) QUARTER	  	XS COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	LOW SULPHUR GASOIL	  	QS COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	UK NATURAL GAS (NBP) MONTH	  	FN COMDTY
	Interbank	  	Currencies	  	EURO / HONG KONG DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	EURO / INDIAN RUPEE (FWD)	  	
	Interbank	  	Currencies	  	EURO / INDONESIAN RUPIAH	  	
	Interbank	  	Currencies	  	EURO / ISRAELI SHEKEL	  	
	Interbank	  	Currencies	  	EURO / POLISH ZLOTY (FWD)	  	
	Interbank	  	Currencies	  	EURO / SINGAPORE DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	EURO / TAIWANESE DOLLAR	  	
	Interbank	  	Currencies	  	EURO / TURKISH LIRA (FWD)	  	
	Interbank	  	Currencies	  	USD / ARGENTINE PESO (FWD)	  	


  
 B-3 









							
	Exchange	  	Sector	  	Contract name	  	Bloomberg ticker
	Interbank	  	Currencies	  	USD / CHILEAN PESO (FWD)	  	
	Interbank	  	Currencies	  	USD / CHINESE RENMINBI (FWD)	  	
	Interbank	  	Currencies	  	USD / COLOMBIAN PESO (FWD)	  	
	Interbank	  	Currencies	  	USD / HONG KONG DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	USD / INDIAN RUPEE (FWD)	  	
	Interbank	  	Currencies	  	USD / INDONESIAN RUPIAH (FWD)	  	
	Interbank	  	Currencies	  	USD / ISRAELI SHEKEL (FWD)	  	
	Interbank	  	Currencies	  	USD / MALAYSIAN RINGGIT (FWD)	  	
	Interbank	  	Currencies	  	USD / PERUVIAN NUEVO SOL (FWD)	  	
	Interbank	  	Currencies	  	USD / PHILIPPINE PESO (FWD)	  	
	Interbank	  	Currencies	  	USD / POLISH ZLOTY	  	
	Interbank	  	Currencies	  	USD / SINGAPORE DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	USD / TAIWANESE DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	USD / THAI BAHT (FWD)	  	
	Interbank	  	Currencies	  	USD / TURKISH LIRA (FWD)	  	
	Kansas City Board of Trade	  	Commodities	  	KC HARD RED WINTER WHEAT	  	KW COMDTY
	London Metal Exchange	  	Commodities	  	ALUMINIUM	  	LA COMDTY
	London Metal Exchange	  	Commodities	  	COPPER	  	LP COMDTY
	London Metal Exchange	  	Commodities	  	LEAD	  	LL COMDTY
	London Metal Exchange	  	Commodities	  	NICKEL	  	LN COMDTY
	London Metal Exchange	  	Commodities	  	TIN	  	LT COMDTY
	London Metal Exchange	  	Commodities	  	ZINC	  	LX COMDTY
	Mercado Espanol de Futuros Financiero	  	Equity Related	  	IBEX 35	  	IB INDEX
	Mercado Mexicano de Derivados	  	Equity Related	  	MEXICAN PRICE & QUOTE INDEX	  	IS INDEX
	Minneapolis Grain Exchange	  	Commodities	  	MINNEAPOLIS WHEAT	  	MW COMDTY
	Montreal Exchange	  	Equity Related	  	S&P CANADA 60	  	PT INDEX
	Montreal Exchange	  	Interest Rates	  	CAN. 10-YR GVT. BOND	  	CN COMDTY
	Montreal Exchange	  	Interest Rates	  	CAN. 5-YR GVT. BOND	  	XQ COMDTY
	Montreal Exchange	  	Interest Rates	  	CAN. BANKERS ACCEPTANCE	  	BA COMDTY
	Nasdaq OMX Commodities	  	Equity Related	  	OMX STOCKHOLM-30 INDEX	  	QC INDEX
	New York Mercantile Exchange	  	Commodities	  	CRUDE OIL	  	CL COMDTY
	New York Mercantile Exchange	  	Commodities	  	HENRY HUB NATURAL GAS	  	NG COMDTY
	New York Mercantile Exchange	  	Commodities	  	NY HARBOR RBOB GASOLINE	  	XB COMDTY
	New York Mercantile Exchange	  	Commodities	  	NY HARBOR ULSD	  	HO COMDTY
	New York Mercantile Exchange	  	Commodities	  	PALLADIUM	  	PA COMDTY
	New York Mercantile Exchange	  	Commodities	  	PLATINUM	  	PL COMDTY
	Osaka Exchange	  	Equity Related	  	MINI NIKKEI 225 (OSAKA)	  	NO INDEX
	Osaka Exchange	  	Equity Related	  	MINI TOPIX INDEX	  	TMI INDEX
	Osaka Exchange	  	Equity Related	  	NIKKEI 225 (OSAKA)	  	NK INDEX
	Osaka Exchange	  	Equity Related	  	TOPIX	  	TP INDEX
	Osaka Exchange	  	Interest Rates	  	JP. 10-YR GVT. BOND (OSAKA)	  	JB COMDTY
	Singapore Exchange	  	Commodities	  	IRON ORE CFR CHINA FUTURE	  	SCO COMDTY
	Singapore Exchange	  	Commodities	  	SINGAPORE RUBBER (TSR20)	  	OR COMDTY
	Singapore Exchange	  	Currencies	  	INDIAN RUPEE / USD (SGX)	  	XID CURNCY
	Singapore Exchange	  	Currencies	  	KOREAN WON / USD (SGX)	  	XUW CURNCY
	Singapore Exchange	  	Currencies	  	USD / SINGAPORE DOLLAR (SGX)	  	XSD CURNCY
	Singapore Exchange	  	Equity Related	  	FTSE XINHUA CHINA A50 INDEX	  	XU INDEX
	Singapore Exchange	  	Equity Related	  	MSCI INDONESIA	  	IDO INDEX
	Singapore Exchange	  	Equity Related	  	MSCI SINGAPORE FREE INDEX	  	QZ INDEX
	Singapore Exchange	  	Equity Related	  	MSCI TAIWAN INDEX (SGX)	  	TW INDEX
	Singapore Exchange	  	Equity Related	  	NIKKEI 225 (SGX)	  	NI INDEX
	Singapore Exchange	  	Equity Related	  	S&P CNX NIFTY (SGX)	  	IH INDEX
	Singapore Exchange	  	Interest Rates	  	JP. 10-YR GVT. BOND (SGX/MINI)	  	BJ COMDTY
	South African Futures Exchange	  	Equity Related	  	FTSE JSE TOP 40	  	AI INDEX
	Taiwan Futures Exchange	  	Equity Related	  	TAIWAN ELECTRONIC INDEX	  	TE INDEX
	Taiwan Futures Exchange	  	Equity Related	  	TAIWAN FINANCE INDEX	  	TB INDEX
	Taiwan Futures Exchange	  	Equity Related	  	TAIWAN WEIGHTED INDEX	  	FT INDEX
	Thailand Futures Exchange	  	Equity Related	  	MINI SET 50 INDEX	  	BC INDEX
	Tokyo Commodity Exchange	  	Commodities	  	AZUKI/RED BEANS (TOKYO)	  	JE COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	CORN (TOKYO)	  	JC COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	CRUDE OIL (TOKYO)	  	CP COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	GASOLINE (TOKYO)	  	JV COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	GOLD (TOKYO)	  	JG COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	KEROSENE (TOKYO)	  	JX COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	PALLADIUM (TOKYO)	  	JM COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	PLATINUM (TOKYO)	  	JA COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	RUBBER (TOKYO)	  	JN COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	SILVER (TOKYO)	  	JI COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	US SOYBEANS (TOKYO)	  	JS COMDTY
	Tokyo Financial Exchange	  	Interest Rates	  	EUROYEN (TIFFE)	  	YE COMDTY
	Warsaw Stock Exchange	  	Equity Related	  	WIG 20	  	KRS INDEX


  
 B-4